<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd">
<html xmlns="http://www.w3.org/1999/xhtml">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=UTF-8" />
<title>Altima Asset Management: Home</title>
<link href="stylesheet.css" rel="stylesheet" type="text/css" />
<style type="text/css">
<!--
.style24 {font-family: Arial, Helvetica, sans-serif}
.style30 {color: #333333}
.style31 {color: #FF0000}
.style32 {color: #000000; }
-->
</style>
</head>

<body>
<table width="1000" border="0" cellpadding="0" cellspacing="0">
  
  <tr>
    <td valign="top" bgcolor="#5FBCE0" class="blue_block">&nbsp;</td>
    <td bgcolor="#FFFFFF"><img src="images/altimalogo.jpg" width="200" height="120" /></td>
    <td colspan="5" bgcolor="#FFFFFF" class="banner_alignment"><table width="100%" border="0" cellspacing="0" cellpadding="0">
      <tr>
        <td><img src="images/kremlin.jpg" width="595" height="120" /></td>
        <td width="26%"><img src="images/teralogo.jpg" width="200" height="120" /></td>
      </tr>
    </table></td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#5FBCE0" class="blue_block">&nbsp;</td>
    <td width="160" bgcolor="#5FBCE0" class="blue_block">&nbsp;</td>
    <td bgcolor="#5FBCE0" class="blue_block">Home</td>
    <td bgcolor="#5FBCE0" class="blue_block">&nbsp;</td>
    <td width="318" colspan="3" bgcolor="#5FBCE0" class="blue_block">&nbsp;</td>
  </tr>
  <tr>
    <td width="5" valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td width="308" bgcolor="#00865F" class="green_block">Overview</td>
    <td width="9" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td colspan="3" bgcolor="#00865F" class="green_block">Performance (net of fees)</td>
  </tr>
  <tr>
    <td height="359" valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td rowspan="5" align="left" valign="top" bgcolor="#FFFFFF"><table width="100%" height="356" border="0" cellpadding="0" cellspacing="0" bordercolor="#FFFFFF" class="navigation_justification">
      <tr>
        <td height="321" valign="top"><p class="navigation_main_item_open">Home</p>
          <p class="navigation_main_item_link"><a href="aam_overview.html" class="navigation_main_item_link">Altima Asset Management</a></p>
          <p class="navigation_main_item_link"><a href="tcf_strategy.html" target="_self" class="navigation_main_item_link">Tera Capital Fund</a><br />
            </p>
          <p class="navigation_main_item_link"><a href="why_russia.html" target="_self" class="navigation_main_item_link">Why Russia</a><br />
            </p>
          <p class="navigation_main_item_link"><a href="news_events_news.html" target="_self" class="navigation_main_item_link">News/Events</a><br />
          </p>
          <p class="navigation_quicklink_item_link"><a href="tcf_monthly_factsheets.html" target="_self" class="navigation_main_item_link">Fact Sheets &amp; Newsletters</a></p>
          
          <p class="navigation_quicklink_item_link"><a href="news_events_awards.html" target="_self" class="navigation_main_item_link">Awards and Rankings</a></p>
          <p class="navigation_main_item_link"><a href="site_map.html" target="_self" class="navigation_main_item_link">Site Map</a></p>
          <p class="navigation_main_item_link"><a href="contact_us.html" target="_self" class="navigation_main_item_link">Contact Us</a></p>          
          <p class="navigation_quicklink_item_link">&nbsp;</p></td>
      </tr>
    </table>      <p class="style24">&nbsp;</p>    </td>
    <td align="center" valign="top" bgcolor="#FFFFFF"><table width="100%" border="0" cellpadding="4" cellspacing="0" class="box01longerhomepage">
      <tr>
        <td height="359" align="left" valign="top"><p class="text">Tera Capital Fund was launched in April 2005 as a fund of funds focused primarily on Russia. It was the first and remains the only fund of funds in the world with its specific geographic focus. It is also singular in that Altima Asset Management, the investment management company that manages Tera, charges no fees other than a success fee and also covers all of Tera's expenses.<br />
        </p>
          <p class="text">Prior to the Fall 2008 liquidity crisis, Altima has guided Tera to net returns to investors exceeding 35% annually since inception. Even including the crisis (through February 2009) Tera had still provided its early investors with a positive rate of return. Tera has proven to be a particularly strong defensive investment. While Russian equity markets have fallen back to levels last reached almost 6 years ago and US equity markets have fallen back to levels reach more than 12 years ago, Tera has given up approximately 3.5 years of gains -- and is still above the level it reached in June 2005.<br />
            <br />
            Among the more than 2,600 funds of funds worldwide ranked by Eurekahedge and out of the 46 months that Tera has been ranked by that company since inception, Tera has been ranked No. 1 in monthly performance three times, in the top 10 seven times, was ranked the best-performing fund of funds in the world for all of 2005, has been ranked No. 1 in performance YTD six times, has been ranked in the top 10 thirteen times, has been ranked No. 1 in terms of annualized performance ten times (most recently in September 2008), and has been ranked in the top 10 forty times.</p>
          <p class="text">During every general market downturn of more than 10% in Russia since its inception, Tera has fallen by a small fraction of the total market and of other funds: generally experiencing only approximately 30% of the overall percentage decrease. This has given it a Sharpe Ratio that is far higher than that of all major Russian indices and the average of other funds. The distinction  has grown during the crisis, when Tera's Sharpe Ratio has remained significantly positive, while the Sharpe ratios of all Russian indices and almost every Russian fund have turned negative.</p>          </td>
      </tr>
    </table></td>
    <td bgcolor="#FFFFFF" class="style3">&nbsp;</td>
    <td colspan="3" align="center" valign="top" bgcolor="#FFFFFF"><table width="100%" border="0" cellpadding="4" cellspacing="0" class="box01longerhomepage">
      <tr>
        <td height="441" align="left" valign="top" bgcolor="#FFFFFF"><table width="100%" border="0" align="left" cellpadding="4" cellspacing="0" class="box_performance">
          <tr>
            <td width="58%" align="center" valign="top" bgcolor="#FFFFFF" class="text"><div align="center"><strong>Returns</strong></div></td>
            <td width="13%" align="center" valign="top" bgcolor="#FFFFFF" class="text"><div align="center"><strong>Tera (%)</strong></div></td>
            <td width="15%" align="center" valign="top" bgcolor="#FFFFFF" class="text"><div align="center"><strong>RTS<br />
MICEX ROL<br />
Avg</strong></div></td>
            <td width="14%" align="center" valign="top" bgcolor="#FFFFFF" class="text"><div align="center"> <strong>AAM<br />
              Index<br />
              (%)</strong></div></td>
          </tr>
          
          <tr>
            <td bgcolor="#FFFFCC" class="text">May 09 (est.)</td>
            <td bgcolor="#FFFFCC" class="text"><div align="right">12.54</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right" class="style32">24.00</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right" class="style32">17.00</div></td>
          </tr>
          
          
          <tr>
            <td bgcolor="#FFFFFF" class="text">Trailing 12 months (Apr. 05 - Apr. 09)</td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style31">-55.57</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style31">-64.01</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style31">-56.04</div></td>
          </tr>
          <tr>
            <td bgcolor="#FFFFCC" class="text"> Fund since inception (04/05) (Apr. 09)</td>
            <td bgcolor="#FFFFCC" class="text"><div align="right">13.74</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right" class="style32">5.75</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right" class="style32">7.77</div></td>
          </tr>
          <tr>
            <td bgcolor="#FFFFFF" class="text">Ann. return since inception (Apr. 09)</td>
            <td bgcolor="#FFFFFF" class="text"><div align="right">5.50</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style32">5.48</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style32">2.97</div></td>
          </tr>
          <tr>
            <td bgcolor="#FFFFCC" class="text">Ann. Stand. Dev. since incpt. (Apr. 09)</td>
            <td bgcolor="#FFFFCC" class="text"><div align="right">26.57</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right">39.80</div></td>
            <td bgcolor="#FFFFCC" class="text"><div align="right">30.01</div></td>
          </tr>
          <tr>
            <td bgcolor="#FFFFFF" class="text">Sharpe Ratio (Apr. 09)</td>
            <td bgcolor="#FFFFFF" class="text"><div align="right">0.12</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style32">0.07</div></td>
            <td bgcolor="#FFFFFF" class="text"><div align="right" class="style32">0.02</div></td>
          </tr>
          
          <tr>
            <td height="24" colspan="4" bgcolor="#FFFFFF" class="text">&nbsp;</td>
            </tr>
        </table>        </td>
      </tr>
    </table></td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Sector Breakdown</div></td>
    <td bgcolor="#FFFFFF" class="green_block"><div align="left"></div></td>
    <td colspan="3" align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Fund Monthly Growth</div></td>
  </tr>
  <tr>
    <td height="240" valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td align="center" valign="top" bgcolor="#FFFFFF"><table width="100%" height="55" border="0" align="center" cellpadding="0" cellspacing="0" class="box01">
      <tr>
        <td align="left" valign="top"><p align="center"><a href="data/piecharts/sectors.html" target="_blank"><img src="data/piecharts/sectors_thumb.jpg" width="380" height="242" /></a></p></td>
      </tr>
    </table>
    </td>
    <td bgcolor="#FFFFFF" class="style3">&nbsp;</td>
    <td colspan="3" align="center" valign="top" bgcolor="#FFFFFF"><table width="100%" height="55" border="0" align="center" cellpadding="0" cellspacing="0" class="box01">
      <tr>
        <td align="left" valign="top"><div align="center"><a href="data/2008/graphs/monthly_chart.html" target="_blank"></a><a href="data/graphs/monthly_chart.html" target="_blank"><img src="/data/graphs/monthly_growth_small.jpg" width="380" height="242" /></a></div></td>
      </tr>
    </table></td>
  </tr>
  
  <tr>
    <td valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td colspan="5" align="center" valign="top" bgcolor="#FFFFFF" class="green_block"><div align="left">Tera Capital Fund Summary</div></td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td colspan="5" align="center" valign="top" bgcolor="#FFFFFF"><table width="100%" border="0" cellpadding="0" cellspacing="0" class="box02">
      <tr>
        <td height="105" align="left" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="4">
          <tr>
            <td height="22" class="text"><ul>
              <li>                Cayman Islands registered fund of funds focused on Russia and the Commonwealth of Independent States (CIS)</li>
              <li>                Managed by an American and a Russian senior investment professional, each having more than 15 years experience in target markets</li>
              <li>Annualized rate of return of over 35% during first three years after inception</li>
              <li>Sharpe Ratio of Fund significantly exceeds that of any relevant stock market index and major Russian funds</li>
              <li> The only funds in the world charging no management fee and paying no expenses</li>
              <li>Consistently ranked among the top funds of funds in the world by Eurekahedge</li>
            </ul>            </td>
          </tr>
          
          
        </table>
          </td>
      </tr>
    </table></td>
  </tr>
  
  
  
  <tr>
    <td height="273" valign="top" bgcolor="#00865F" class="green_block">&nbsp;</td>
    <td bgcolor="#FFFFFF">&nbsp;</td>
    <td colspan="5" align="center" valign="top" bordercolor="#FFFFFF" bgcolor="#FFFFFF"><table width="100%" border="0" cellpadding="0" cellspacing="0" class="box02">
      <tr>
        <td height="273" align="left" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="4">
          <tr>
            <td class="disclaimer"><p><br />
              Shares or interests in these funds should only be purchased by persons with professional experience of participating in unregulated, illiquid, risk oriented and potentially leveraged investments and any other person who receives these documents should not rely upon them. Securities described herein are not registered with any regulatory authority. Receipt of these documents is not an offer to purchase or sell securities. Solicitations are made only pursuant to a Private Placement Memorandum.<br />
                <br />
              Documents related to these investments contain information derived from information published by or on behalf of the investment funds concerned and is believed to be reliable. Most recent performance figures are estimates and therefore indicative, unaudited and are subject to change.<br />
  <br />
              The value of investments may fall as well as rise and past performance should not be viewed a guides to future performance.<br />
              Investment in unregulated funds carries the risk of total loss of capital.<br />
  <br />
              Prospective investors should inform themselves as to the legal requirements within their own countries for the purchase of any security and to the applicable tax, exchange control, or other law or regulation applicable to them. It is the responsibility of any prospective investor to satisfy applicable laws and regulations of relevant jurisdiction, including obtaining any requisite governmental or other consent and observing any other formality prescribed in that jurisdiction. Any person requesting a Private Placement Memorandum regarding these securities will be deemed to be fully informed, and compliant with applicable regulation, and warrants that any subsequent subscription does not violate the laws or regulation of any relevant jurisdiction.</p>
              <p>&nbsp;</p>
              <p align="center"><span class="rights_reserved style30">All rights reserved. &copy; 2008, Altima Asset Management.</span></p></td>
          </tr>
        </table>
          <p align="center">&nbsp;</p>
            </td>
      </tr>
    </table></td>
  </tr>
</table>
<p>&nbsp;</p>
<p class="background_image">&nbsp;</p>
<script type="text/javascript">
var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www.");
document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E"));
</script>
<script type="text/javascript">
var pageTracker = _gat._getTracker("UA-4448505-1");
pageTracker._initData();
pageTracker._trackPageview();
</script>
</body>
</html>
